The Japanese yen, often associated as the best performing currency in times of crisis due to its refuge investment profile, lost today as the OECD predicted an unexpected growth to its member countries, spurring demand for high-yielding assets.
The Japanese currency gained against all 16 most traded currencies as economic concerns continue to rise around the world, causing another day of losses in stock markets, and spurring demand for the safety of the yen.
The yen, considered as a refuge investment for moments of instability, rose as the political crisis in Iran deepens, creating tension in the international financial scenario.
The yen had another day of losses as equities markets around the world rebounded, damping demand for the Japanese currency as a refuge, and making high-yielding currencies to climb.
The Japanese currency had a day of losses against major currencies and higher-yielding assets as the global slump eases, improving investor’s confidence to take riskier positions.
The New Zealand dollar rose for the fourth straight day against its U.S. counterpart and advanced for the second day versus the Australian dollar today, assisted by the signs of the global recession’s easing.
The Aussie rose against the yen after a regional jobs report in Australia showed an increase in employment conditions and data.
The New Zealand dollar, followed by its Australian counterpart, fell for the second day on fears that the swine flu may deepen the global slump, affecting tourism and high-yielding assets.
The currencies of Australia and New Zealand advanced against the Japanese yen and the U.S. dollar on the Forex market today as the traders clearly favored risk-ridden high-yielding assets despite the mixed stock trading session results in Asia.
The Australian dollar reached the new monthly maximum the Japanese yen as the stock markets signaled growth for a third day on improved earnings of the banks.
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